The purpose of the Financial Services Board Act is to provide for the establishment of a board to supervise compliance with laws regulating financial institutions and the provision of financial services; and for matters connected therewith.
Functions of the Financial Services Board
(a) to supervise and enforce compliance with laws regulating financial institutions and the provision of financial services;
(b) to advise the Minister on matters concerning financial institutions and financial services, either of its own accord or at the request of the Minister; and
(c) to promote programmes and initiatives by financial institutions and bodies representing the financial services industry to inform and educate users and potential users of financial products and services.
The board shall be governed by so many members as the Minister may deem necessary and appoint, with due regard to the interests of the users of financial services and the suppliers of financial services, including financial intermediaries, and the public interest.
Levies
The board may impose by notice in the Gazette levies on financial institutions and may, subject to the provisions of this section, at any time in similar manner amend, substitute or withdraw any such notice.
Source: SABINET
